A market trading close to fair value usually implies that a cadre of stocks are overvalued, most stocks hover around fair value, and another group are undervalued. … As patient, contrarian value investors, we focus on the latter group.
Bill Miller, CFASeptember 2013

At Miller Value Partners, we think and invest differently.

We believe that our best investment opportunities come from a behavioral edge, while other investors look for an informational advantage. We value research from uncommon sources to help us understand the market as a complex adaptive system.